What Should Your Net Worth Be?

One of the fun parts of being a financial planner is getting to discuss some of the money moves we’ve made in our household knowing clients and readers are going through similar things. In these Work Your Wealth episodes I’ll be taking time to address how we approached the different money situations and the results of our decisions. Today I’m talking about how to track your net worth and some tools and tips to move the needle in the right direction.

HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:

  • One of the most common questions I get about finances
  • The best way to do a health check of your finances
  • How often you should be checking on your net worth and what it can tell you over the years
  • The place to start when calculating your worth
  • Assets and liabilities that you should factor in to your calculation
  • Why you shouldn’t compare your worth with other friends, family, etc.
  • The average net worth for Americans in their mid 30s
  • A big reason the average net worth for a 35 year old is where it is
  • Another way to evaluate your financial health (especially if you are in your 30s)
  • The amount of savings you should have when you reach age 30
  • Where you should be financially at age 40
  • A quick equation to analyze your ideal net worth
  • Understanding how much you need set aside for retirement
  • Things that negatively impact your net worth and how to improve on it
  • If you haven’t started investing, here’s where to start
  • A few resources to help you get started towards savings
  • A few budget savings allocations that can help improve your net worth
  • Two methods to paying off your debt
  • How we keep track of savings goals in our household
  • If you want to go big on growing your finances, here are a few tips

LINKS WE MENTIONED ON THE SHOW

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